Financial Assessment of Multifamily Housing (FASS-MF)
Over 20,000 Multifamily Housing Program participants are required to submit annual electronic financial statement data to HUD for assessing the financial condition of Multifamily Housing Projects.
- Account S3600-015 was added to appendixes E and appendix F.
- Account S3600-020 was renamed from Reportable Conditions Indicator to Significant Deficiencies.
- The Editing and Business rules for account 5120 were changed.
- The account definition/reporting reference for accounts 5300 and 6900 was changed.
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Chapter 1 of the latest Office of Inspector General Audit Consolidated Audit Guide for Audits of HUD Programs (Handbook IG2000.04, Rev. 2, Chg. 10, pg. 1-2) states:
Any management letter must be submitted directly to the HUD office providing
funding/services to the auditee as part of the reporting process. When reporting through an
electronic system is available, such management letter should be included in the filing.
The FASS-MF system currently does not have an account/data field specifically designated to transmit the management letter. Until REAC is able to modify the system and create a new account, submitters are asked to transmit the management letter in one of the following accounts:
S2200-040 Comments on Internal Controls
S2300-040 Comments on Noncompliance (major programs)
S2400-040 Comments on Noncompliance (non-major programs)
These accounts are part of the schedules for Report on Internal Controls, Report on Compliance – Major Programs, and Report on Compliance – Non-major Programs respectively. The submitter should use the account most applicable to the issues discussed in the letter (e.g. if the letter primarily discusses compliance issues related to major programs then it should be submitted in account S2300-040).
To all Independent Users:
This is to forewarn you that you may experience issues when logging into the HUD Secure System due to lack of activity on your account. HUD technical staff is working to resolve this issue over next quarter and you will receive follow-up notification on that. To avoid delay in
meeting the next quarterly filing deadline, please contact your Coordinator to ensure well in advance that you have the right roles and actions assigned to your Independent UserID and your UserID is active under the HUD Secure System. If you have any questions,
please contact us at 1-888-245-4860 or send us an email at REAC_TAC@hud.gov.
- Attention: Industry User Guide for the Financial Assessment Subsystem - FASS-FHA for Profit Motivated /Limited, Distribution Entity that is other than a Cooperative Corporation
- Attention: Industry User Guide for the Financial Assessment Subsystem - FASS-FHA for a Non-Profit Entity that is other than a Cooperative Corporation
- Reporting Requirements for Cooperative Owners The Office of Asset Management has determined that all HUD insured and/or assisted cooperatives must submit financial statements audited in accordance with OMB Circular A-133 for the fiscal year ending 12/31/09 and thereafter. On December 31, 2009 the Office of Asset Management ran a production utility that changed the mortgagor type of all cooperative owners to a nonprofit. Beginning January 1, 2010 cooperative owners were no longer be able to file audits under the Inspector General's Consolidated Audit Guide IG2000.04. Audits for cooperative owners must now be filed under OMB Circular A-133. Here is a link to the Housing memorandum: Clarification of Filing Requirements for Audited Annual Financial Statements for HUD Insured/Assisted Cooperatives.
- On December 31, 2009 the Office of Asset Management will run a production utility that will change the mortgagor type of all cooperative owners to a nonprofit. Beginning January 1, 2010 cooperative owners will no longer be able to file audits under the Inspector General's Consolidated Audit Guide IG2000.04. Audits for cooperative owners will have to be filed under OMB Circular A-133.
- Clarification of Filing Requirements for Audited Annual Financial Statements for HUD Insured/Assisted Cooperatives.
- The Verification screen in FASSUB requires submitters to verify certain critical information that is pulled from HUD's IREMS database (e.g. reporting period, mortgagor type, tax identification number, etc.). It is very important that this information be checked for accuracy and that any errors be corrected before a draft submission template is created. If financial statements are submitted with inaccurate reporting periods or other incorrect information then we must archive them and the owner must resubmit. If there are errors in ownership information the owner must correct these errors in the Active Partners Performance System (APPS). Instructions are available at http://www.hud.gov/offices/hsg/mfh/apps/appsmfhm.cfm.
If there are errors in the reporting period you should contact your local project manager.
- Passwords for secure systems expire in 90 days if they are not used. Don't wait till the last Minute! Please test your password and if it needs to be reset contact the REAC Technical Assistance Center via email at REAC_TAC@hud.gov.
- Disappearing Accounts
- Accounting Guidance for M2M Projects
- Office of Asset Management Memorandum Concerning Leased Nursing Homes
- User IDs Disabled after 90 Days of Inactivity
- Secure Systems - Multiple Users Now Prohibited from Using Same ID
- Terminology Changes in Response to SAS 112
- REAC recently changed the name of two accounts
- Updated Guidance for Changes in Owner Fiscal Year End